U.S. copper futures ended firm on Friday, as a positive tone on Wall Street, coupled with budding optimism about the economy and a strong underlying Chinese presence drove prices higher, with further gains expected in the coming week, dealers said. The Reuters/University of Michigan Surveys of Consumers said its preliminary April reading of consumer sentiment rose to a level of 61.9, up from 57.3 in March and was the highest since 70.3 recorded in September.
Declining inventories, Chinese arbitrage buying and expectations of continued Chinese demand strength underpinning the red metal’s 2009 strength - analysts. London Metal Exchange (LME) inventories fell by 5,575 tonnes to 469,625 on Friday, their lowest level in more than 12 weeks. Canceled warrants -- material earmarked for delivery -- eased to 64,400 tonnes on Friday from 66,275 tonnes the previous day.
